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Market Comment by Patrick Stoy - Mortgage Consultant

Mortgage bond prices
rose last week pushing mortgage interest rates lower. Mortgage bonds
were initially helped by reports the Treasury would try to get rates
lower. Unfortunately, a lot of the gains seen mid-week were erased
Friday following mixed employment figures. Unemployment was not as
bad as anticipated and average hourly earnings showed a surprise
increase. The payrolls component was bond friendly but it wasn’t
enough to overshadow the headline figure. For the week, interest
rates on government and conventional loans fell by about 1/8 of a
discount point.

The retail sales data Friday will be the most important release
this week. Look for any additional moves by the Fed, the US
Treasury, and legislative developments to also result in mortgage
interest rate movements. This will be the last full week of data
before the next Fed meeting.


Posted by Christina Block on December 9th, 2008 3:28 PMPost a Comment (0)
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